Fannie, Freddie Raise Home Mortgage Fees

The cost of getting a mortgage is rising as higher fees hit more borrowers, including those with stellar credit. For the first time since 2009, Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) are raising risk fees they charge lenders on loans they buy for resale to investors. The mortgage giants are also adding risk fees to more loans extended to people with stellar credit. To avoid a fee or to get a discount, most borrowers will need FICO scores of 740 or better and down payments of 25% or more. – USA Today